Often, managers of Homeowners Associations (HOAs) are hesitant to conduct special assessments, as the money required to perform them may not be recovered, and the frequency of these payments can be unknown. That’s why it’s important to have reserve funds readily available to pay for these repairs and replacements. The question is, how does the HOA board know how much money it needs to set aside?
According to the Foundation for Community Association Research, around 75.5 million people in the United States live in a homeowners association (HOA) community, which is more than 30% of the U.S. housing stock. Reserve studies refers to a vital capital planning tool for Homeowners Associations and condominium associations that provides directional guidance and an in-depth analysis of community assets.
The Federal Reserve is hoping to provide some economic relief to Americans through an interest rate cut made in September, as preparation for a potential recession continues. Higher interest rates have stunted the housing market, as home buyers are pulling back due to high borrowing costs and soaring home prices.
ADUs have the potential to increase housing affordability for homeowners and tenants, create a wider range of housing options within a community, and facilitate better use of the existing housing fabric in established neighborhoods.
In March 2024, the National Association of Realtors (NAR) entered into a proposed settlement agreement with various homeowners to resolve a nationwide litigation concerning broker commissions.
As interest rates begin to subside, developers are ramping up efforts to build new apartments, condos, and single-family homes across the state. In this blog, California Builder Services will break down this increase in construction and its potential implications for builders and future buyers.
In many parts of the United States, interest rates and home sale prices refuse to go down, signifying a strong start to the sales portion of the 2024 housing market. In June, the average home price was up by four percent compared to 2023, which is the good news for sellers looking to earn top dollar.
Background: One of our Clients purchased property and had it entitled for 50+ condominium units in a resort area. They went to a local engineer,
A developer who was constructing his first Common Interest Development approached us. The project was a gated HOA Community that featured several large and captivating common areas…
Budgeting is a critical aspect of managing a homeowner’s association. It helps ensure that the community’s financial needs are met while maintaining financial stability. However, some common budget mistakes can hinder the smooth operation of an HOA. One such mistake is borrowing from reserves. In this blog, we will discuss the potential pitfalls of borrowing from reserves and explore the legal implications of this practice.
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